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Derivative Financial Instruments and Risk Management (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Location and Fair Value of Derivative Instruments

The location and fair value of derivative instruments reported in the Consolidated Statement of Financial Position were as follows:

(Millions of dollars)			Fair Value
			March 31, 2025												December 31, 2024
			Assets 1						Liabilities 2						Assets 1						Liabilities 2
Designated derivatives
Foreign exchange contracts			$	266					$	(153)					$	357					$	(275)
Interest rate contracts			46						(147)						10						(201)
Total			$	312					$	(300)					$	367					$	(476)
Undesignated derivatives
Foreign exchange contracts			$	40					$	(44)					$	91					$	(56)
Commodity contracts			5						(2)						4						(6)
Total return swap contracts			—						(26)						—						(33)
Total			$	45					$	(72)					$	95					$	(95)
1 Assets are classified as Receivables - trade and other or Long-term receivables - trade and other.
2 Liabilities are classified as Accrued expenses or Other liabilities.

Schedule of Gains (Losses) on Derivative Instruments

Gains (Losses) on derivative instruments are categorized as follows:

(Millions of dollars)			Three Months Ended March 31,
			Gains (Losses) Recognized on the Consolidated Statement of Results of Operations 1												Gains (Losses) Recognized in AOCI												Gains (Losses) Reclassified from AOCI 2
			2025						2024						2025						2024						2025						2024
Cash Flow Hedges
Foreign exchange contracts			$	—					$	—					$	78					$	95					$	—					$	91
Interest rate contracts			—						—						(2)						11						1						15
Fair Value Hedges
Interest rate contracts			(18)						(36)						—						—						—						—
Undesignated Hedges
Foreign exchange contracts			(14)						29						—						—						—						—
Commodity contracts			8						(10)						—						—						—						—
Total return swap contracts			(26)						30						—						—						—						—
Total			$	(50)					$	13					$	76					$	106					$	1					$	106
1 Foreign exchange contract, Commodity contract and Total return swap contract gains (losses) are included in Other income (expense). Interest rate contract gains (losses) are included in Interest expense of Financial Products and Interest expense excluding Financial Products.
2 Foreign exchange contract gains (losses) are primarily included in Cost of goods sold, Sales of Machinery, Energy and Transportation, and Other income (expense). Interest rate contract gains (losses) are primarily included in Interest expense of Financial Products.

Summary of Cumulative Basis Adjustments for Fair Value Hedges

The following amounts were recorded on the Consolidated Statement of Financial Position related to cumulative basis adjustments for fair value hedges:

(Millions of dollars)			Carrying Value of the Hedged Liabilities												Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities
			March 31, 2025						December 31, 2024						March 31, 2025						December 31, 2024
Long-term debt due within one year			$	488					$	483					$	(12)					$	(16)
Long-term debt due after one year			5,963						5,327						(84)						(170)
Total			$	6,451					$	5,810					$	(96)					$	(186)

Summary Offsetting Assets and Liabilities

The effect of the net settlement provisions of the master netting agreements on our derivative balances upon an event of default or termination event was as follows:

(Millions of dollars)			March 31, 2025												December 31, 2024
			Assets						Liabilities						Assets						Liabilities
Gross Amounts Recognized			$	357					$	(372)					$	462					$	(571)
Financial Instruments Not Offset			(192)						192						(186)						186
Net Amount			$	165					$	(180)					$	276					$	(385)

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Tabular disclosure of derivative assets and liabilities that are subject to offsetting, including master netting arrangements.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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Tabular disclosure for fair value hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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